This webinar highlights the importance of management’s role in instilling proper internal controls within their processes. In this session, instructor will explore methods to educate management on their individual responsibilities for control processes and the variance between a control malfunction and control design issues. Participants will be provided with tools to help management better understand their role in internal control and effectively execute their obligations. The session will also review the impending COSO changes and examine how they may impact your organization.

"Internal Controls - What Every Manager Needs to Know" - This course is approved by NASBA (National Association of State Boards of Accountancy). Attendees of Live Webinar are eligible for 1.8 CPE credit up on full completion of the course.

Why Should You Attend:

The new COSO framework was released in May 2013. Original compliance date was is set as December 2014. Many companies are still working towards compliance. This will turn up the focus on how its guidance should be used by companies and auditors when evaluating processes for Sarbanes-Oxley and other control requirements. Key aspects have been added to mandate knowledge of business and regulatory changes as well as an increased focus on information technology and its controls. It is imperative that management, compliance professionals, legal professionals and audit professionals all understand the roles and responsibilities incumbent upon them when it relates to internal control. It is also imperative that management learn and accept their critical role as it relates to the management and monitoring of internal controls.

The impending release of the new COSO Framework clearly outlines the importance of understanding all aspects of internal control and ensuring those elements are properly working together in an effective manner. All individuals involved in oversight, management, monitoring and auditing processes within an organization will need to heighten their awareness of basic controls and their linkage to corporate strategies and regulatory and business requirements.

Areas Covered in the Webinar:

The reason internal control has become a strategic focus for companies

Overview of the impending new COSO framework release and its impact on companies

Methods to educate management on responsibilities for control processes and understanding the term “internal control”

Evaluating implications when management does not pay attention to internal controls

Review of the standardized SOX 302 and 404 sign-off processes and considerations for enhancement

Who Will Benefit:

Board Members

Management

Risk and Legal Professionals

Internal Auditors

Compliance Professionals

Process Improvement Professionals

Instructor Profile:

Lynn Fountain
Former Chief Audit Executive, Aquila

Lynn Fountain has over 35 years of experience spanning public accounting, corporate accounting and consulting. She has 20 years of experience working in the areas of internal and external auditing. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance.

Ms. Fountain has held two chief audit executive positions for international companies. Since 2008, she has served in positions where she was responsible for internal audit, enterprise risk management and Sarbanes-Oxley. Ms. Fountain has a private consulting and training business, and she has developed and delivered leading edge training sessions on COSO, internal audit, ERM, accounting, leadership, governance, compliance and ethics. She delivers training for the American Institute of Certified Public Accountants, Institute of Internal Auditors, and multiple seminar and training groups.

Ms. Fountain is the author of two technical books that released in 2015: Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations; Leading the Internal Audit Function. In addition, Ms. Fountain is a frequent blogger on the LinkedIn platform and has also had numerous articles published in professional and technical publications. She is currently authoring a third technical book on corporate ethics and the internal auditor’s challenge.

She has performed as an adjunct instructor for the School of Business for Grantham University and developed the first internal audit curriculum for the School of Business at the University of Kansas. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate (non-active).

Topic Background:

In today’s business world, the term, internal control, is assumed to be a well-known and understood concept. Yet, with all the regulations, attention and focus on the issue, control gaps continue to pervade processes and result in a wide array of business failures and issues. The issue has come to the forefront as the COSO Board is about to release the revised version of the COSO 1992 internal control framework. Companies who indicate they utilize the COSO framework for their evaluation processes will be expected to employ the concepts imbedded in the current draft. Prior to executing on that task, management must re-evaluate their position on internal controls and how they employ the roles and responsibilities related to internal control within their environments. This may be a significant task for many companies and will include re-evaluation of their current compliance and internal audit programs as well as the organizational alignment of these functions.

We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at 650 620 3961. Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200, www.learningmarket.org, e-mail cpe@nasba.org.

Registrants may cancel up to two working days prior to the course start date and will receive a letter of credit to be used towards a future course up to one year from date of issuance. ComplianceOnline would process/provide refund if the Live Webinar has been cancelled. The attendee could choose between the recorded version of the webinar or refund for any cancelled webinar. Refunds will not be given to participants who do not show up for the webinar. On-Demand Recordings can be requested in exchange.

Webinar may be cancelled due to lack of enrolment or unavoidable factors. Registrants will be notified 24hours in advance if a cancellation occurs. Substitutions can happen any time.

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